Login
ISCOVER
By: Staff Reporter
Despite rising funding costs, Westpac has managed to post earnings of $2,983 million for the half year to 31 March 2010.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
In announcing its half-yearly results yesterday, the major also revealed a 32 per cent increase in net profit after tax on the corresponding period.
Westpac’s chief executive officer Gail Kelly said the bank’s strong interim results reflected a much improved Australian economy.
“Overall, it is very clear that the Westpac Group is emerging from the global financial crisis in a stronger position and with a sustainable platform for growth,” Ms Kelly said.
“Over the past 12 months, in meeting customer needs, and as a direct result of our decision to remain open for business, we grew our Australian home lending balances by $43 billion and our Australian market share in this strategically important segment by two percentage points to 27 per cent. This step up in market share includes providing over 355,000 new mortgages”
The market share gains in mortgages helped the major record a 4 per cent increase in revenue on the corresponding period to $8,621 million.
